The purpose of this legislation is to change how overtime pay is treated for income tax purposes. Specifically, it aims to exclude overtime compensation from the gross income that is subject to federal income tax. This means that individuals who earn overtime pay will not have to count that extra income when calculating their taxable income. The key provision of this legislation is the amendment to the Internal Revenue Code, which establishes that overtime compensation, as defined by the Fair Labor Standards Act, will not be included in gross income.